CMB to extend RMB 20 bln in credit to China Shipping
Published: 25 Jun 2009 20:01:56 PST
Under the terms of the agreement, CMB will extend a credit line of RMB 20 billion to Shanghai-based China Shipping as part of the bank's effort to support the nation's shipping industry. In addition, the two sides will establish a long-term, stable strategic partnership and will cooperate in fields like short-term liquidity loans, fixed asset loans, bills and guarantee services. China Shipping, one of the major state-owned enterprises directly under the supervision of the Chinese central government, has assets worth more than RMB 110 billion. CMB plans to set up at least five new private-banking business centers this year to further expand in the high-end wealth management sector, according to an earlier report from China Knowledge. Copyright © 2009 www.chinaknowledge.com |
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